The offer, understood to be similar to a production-sharing contract, is intended to resolve the protracted negotiations regarding extension of the Cepu block.
ExxonMobil has a technical assistance contract (TAC) for Cepu, which contains the Banyu Urip oilfield that has estimated recoverable reserves in excess of 250 million barrels of crude.
The US supermajor had sought to have its TAC extended beyond the 2010 expiry date or, failing that, to secure an acceptable new contract.
